So it is quite possible that people are already selling off Canon DSLRs to buy the Blackmagic camera above that is already available, works with EF lenses, to shoot 2.5K video.

The boat, well, it's already set sail...

Whats the point of announcing a 4K camera if its never going to release? Almost a year, and other people are announcing their own 4K cameras.

You are right... I would buy a 2.5K Blackmagic Camera if it didn't have its own inherent problems.-It has a crop factor of 2. My 50mm = 100mm, my 16-35mm = 32-70mm so on and so forth.-It records to SSD, but it heats up when its full?-2.5K in RAW only, so a 256Gb = 30 min, and I'm burning my fingers every 30 min.

But reality is... no camera is perfect. I bet if they released the Blackmagic 4K tomorrow... it would have its own problems too.

Not knowing what a "Global Shutter" is - what would the implications of this be if (hypothetically), it was launched on the (to be named) 7D update? Is there any benefit to the stills photography world or is it purely a video thing?

It's a purely video thing. The global shutter is the opposite of the rolling shutter. In live view, the physical shutter doesn't move, so the sensor scans the scene 24 or 30 times a second to create frames.

With a rolling shutter, the sensor scans from top to bottom, creating a distortion effect if you pan the camera, because the sensor doesn't actually capture every part of the image at the exact same time.

A global shutter captures the entire image at once, then waits 1/24 of a second before doing it again, so the distortion, or the "rolling shutter effect" is not present. Global shutters are harder and more expensive to incorporate, as the camera has to process large amounts of data at once, in a small period of time.

For still photography using a physical shutter, it makes no difference.

flowers

who has full frame video as in I mean full pixel count its all down sampled. Full red I guess would rock...

FF video means that when you stick a 24/1.4 lens on your camera, you get a horizontal AOV of 73.74° and a DOF of f/1.4 at 24mm. That will affect the perspective. If you want practical numbers, if your subject is 2 meters away, your horizontal coverage (how much you see to the sides of your subject) is 3 meters. If you put the same lens on a RED camera, you get a horizontal AOV of 53.89°. This means that you'll only capture 2.03m of the environment horizontally if your subject is 2 meters away. This will look different. The chair on the left of the subject and the hanging tree branch to the right of your subject that were visible in the frame when you used the lens on FF are not visible on your RED camera. The DOF will also be different (deeper) on RED. Also, it's not "down sampled", it's line skipped. The full sensor is used, but only 1080 vertical lines are read out of all the vertical lines to get 1080 resolution video, likewise for horizontal (1920).

- I like full frame video. - Best selection of fast and wide lenses for the money. (There are no 24mm f1.4 equivalent in APS-C for less than many, many thousands of dollars) ...- Size/weight/flexibility in rigging.- Now raw video in full frame. Impossible on any other camera. (for now)

The Canon Cx00 series can all use EF lenses/ For raw video, Canon has C-Log.Rigging is much the same once you get truely serious.

who has full frame video as in I mean full pixel count its all down sampled. Full red I guess would rock...

FF video means that when you stick a 24/1.4 lens on your camera, you get a horizontal AOV of 73.74° and a DOF of f/1.4 at 24mm. That will affect the perspective. If you want practical numbers, if your subject is 2 meters away, your horizontal coverage (how much you see to the sides of your subject) is 3 meters. If you put the same lens on a RED camera, you get a horizontal AOV of 53.89°. This means that you'll only capture 2.03m of the environment horizontally if your subject is 2 meters away. This will look different. The chair on the left of the subject and the hanging tree branch to the right of your subject that were visible in the frame when you used the lens on FF are not visible on your RED camera. The DOF will also be different (deeper) on RED. Also, it's not "down sampled", it's line skipped. The full sensor is used, but only 1080 vertical lines are read out of all the vertical lines to get 1080 resolution video, likewise for horizontal (1920).

who has full frame video as in I mean full pixel count its all down sampled. Full red I guess would rock...

FF video means that when you stick a 24/1.4 lens on your camera, you get a horizontal AOV of 73.74° and a DOF of f/1.4 at 24mm. That will affect the perspective. If you want practical numbers, if your subject is 2 meters away, your horizontal coverage (how much you see to the sides of your subject) is 3 meters. If you put the same lens on a RED camera, you get a horizontal AOV of 53.89°. This means that you'll only capture 2.03m of the environment horizontally if your subject is 2 meters away. This will look different. The chair on the left of the subject and the hanging tree branch to the right of your subject that were visible in the frame when you used the lens on FF are not visible on your RED camera. The DOF will also be different (deeper) on RED. Also, it's not "down sampled", it's line skipped. The full sensor is used, but only 1080 vertical lines are read out of all the vertical lines to get 1080 resolution video, likewise for horizontal (1920).

so 5d 3 is a 4k camera?

Not with factory settings...You can come pretty close to 4K with Magic Lantern.